Ether Prices Surge Past $20 to Approach All-Time Highs

The price of ether, the cryptocurrency powering the ethereum blockchain, has surged over the last week, approaching all-time highs set in 2016 as it hit its highest value in nearly eight months.

All told, ether prices have risen as much as 59% during the week, reaching $20.67 at roughly 10:44 UTC today after opening slightly above $13 on 25th February, CoinMarketCap figures show.

At the time of reporting, ether had pulled back somewhat, but was still trading roughly 50% higher for the week at $19.54.

Alliance impact

Driving the increased demand was perhaps the formal launch of the Enterprise Ethereum Alliance, a new consortium focused on the technology that has drawn members from major financial services, software companies and firms in the oil and gas industries.

The group aims to apply ethereum’s fundamentals to enterprise-grade blockchain implementations.

The project’s launch helped give ether a boost, market observers told CoinDesk.

Tim Enneking, chairman of Crypto Asset Management, said of the development:

“The launch of the Alliance definitely fueled most of the price increase. Anything that increases the legitimacy and stability of an altcoin will cause its price to increase, sometimes dramatically.”

Petar Zivkovski, COO of leveraged digital currency trading platform Whaleclub, adopted a similar stance.

Zivkovski said that the

Read more ... source: CoinDesk

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